minors involved deal

Sudha Krishnan (Querist) 22 September 2009 This query is : Resolved
In 2004,property involving 2 minors aged eight& 6 years old was purchased by X. As their father was deceased, their mother had signed on their behalf.This property also involved 6nos. of other majors of whom the shares are undivided & they too signed. It was later sold to Y and from whom we purchased it in 2008. HDFC rejected our housing loan upon the property stating minors as an ISSUE. Do we have full legal rights upon it OR if not, what is the procedures to make it valid?

Mother of the minors is ready to cooperate.riven

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charudureja (Expert) 22 September 2009
A minor's property can be sold only if it is for his benefit and with the permission of court. in this case was this property sold due to dire need or for benefits, if that is so thn ur case holds good other wise when minor attains majority he can claim back the property that at the time of sale he was a minor. u can ask the mother to take courts permission for selling then HDFC will not have any objection in giving u loan on this propertyriven

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Raj Kumar Makkad (Expert) 22 September 2009
gud opinion of dureja. Immediately move through mother of the minors to sell their property for their welfare from competent civil court otherwise your legal right is in danger over the purchased property.riven

Y V Vishweshwar Rao (Expert) 22 September 2009
The following details may be posted !

1- The Property is ancestral-HUF Property/properties !

2- Whther there are other Joint Properties of the Minors and other major share holders

joyce (Expert) 22 September 2009
both answer above by Charudureja as well as Raj kumar is correct but clarifications as suggested by y.v.roa also is essential to get complete answer.riven

Sudha Krishnan (Querist) 22 September 2009
1. the property is ancestral n belongs to hindu Brahmins of Kerala
2.They had joint property of the Minors and other major share holders but are sold offriven